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01 The ABCs of Tax Lien Investing – Introduction

Investing in tax lien certificates is awesome – but if you are not an experienced investor then the world of TLCs can seem a little overwhelming.

This course gives you an overview of tax lien certificate investing, including vocabulary, why counties sell TLCs, and how investors make money with them.

Transcript

Hi everyone and welcome to the first official course. You already saw the introduction, but this is the first actual course in our big giant mega-course about tax lien certificate investing. What we want to start with in this first section is an overview of how tax lien investing works. Before we start talking about specific methods and tips and tricks and tools that you can use, we want to establish a foundation to make sure that we are all on the same page before we move forward into some of those more advanced techniques.

In case you didn’t see it before, I’m Michael Decker. I’m a contributor to MyOpenPath.com, and I do the techniques that I am talking about in this course and in other courses. So I do bring a little bit of practical experience to the table. What are we going to be going over here in this first course? An overview of how tax lien investing works.

First one of the modules is going to be about vocabulary. You need to know – whether you’re researching this, whether you’re on county websites, whether you’re at the actual auction, you’re chatting my fellow investors – you’re going to hear different words come up. And we just want to make sure that you have a clear understanding of the difference between property taxes and a tax lien and a tax lien certificate…they are three different things. What is the redemption period? What is a foreclosure and some of that vocabulary like that? What’s the difference between bid down and a premium bid?

Module number two, we’re going to go into a little bit of the background, the legal background, as to why counties sell these tax lien certificates. You know, what’s in it for them? Why are they willing to take such extreme measures?

Module number three is going to talk about how investors, like you and I, can make money from tax lien properties, the tax lien certificates. This is probably going to be the most important part you want to pay attention to, because there’s more than one way to make money with tax lien certificates as we’ll see. But we want to make sure that we’re motivated as we go into this. At the end of the day, that’s why we are doing this. We are helping the community, but we are also in it to make a profit.

Module four is going to talk about the actual tax lien sales, which in most areas are auctions – either online or in person. What’s it like? What are the rules? What can you expect when you go there?

And the final module of this little course is going to talk about the psychology you need to have if you are going to be a successful tax lien investor. This is not like day trading – you need to approach it differently. There are steps before you actually even purchase your tax lien certificates that you need to take, and if you don’t have the right psychology, the right attitude, the right approach, it’s never going to work for you.

When we go into that, use that as a chance to evaluate if you’re the type of person that you can adapt to your methods and your way of doing things to what we are going to be talking about. Because if you can’t, don’t bother going through the rest of the course, because it’s not going to make sense for you. Go learn something else. Go learn how to do short sales or puts and calls in the stock market. But if you can follow the basic rules that we’ll go over in module five, then yeah. You have a good chance of having some success with this.

Okay. Well, that’s it. I’ll see you in the next module where we’re going to talk about the vocabulary of tax lien investing.